CIB to invest $117.4 million in Weavers Mountain Wind

Mar 07, 2025

ANTIGONISH — The Canada Infrastructure Bank (CIB) has reached financial close on a $117.4 million loan to support the construction of a 94.4-megawatt wind farm in Nova Scotia’s Antigonish and Pictou counties.

The Weavers Mountain Wind Energy Project will feature 16 Nordex turbines at a 125-metre hub height, with anti-icing system blade technology and a 25-year power purchase agreement.

The project will generate clean, renewable power and will create approximately 150 jobs during the construction phase.

Glooscap First Nation will hold a majority stake in a joint venture with SWEB Development. The project will be supported by Desjardins Group, which will provide $105.6 million in credit facilities, while Natural Resources Canada will contribute $25 million in grants.

The financing will help fund the installation of wind turbines and associated electricity infrastructure. The project aims to reduce annual emissions by about 221,000 tonnes CO2e, equivalent to 1.5% of Nova Scotia’s total emissions in 2022.

This clean energy initiative supports the decarbonization of the Nova Scotia electrical grid, contributing to more reliable, affordable electricity for ratepayers and accelerating the province’s energy transition.

Nova Scotia aims to achieve 80% of energy from renewables by 2030, with a goal to reduce greenhouse gas emissions from electricity generation by more than 90%.

The CIB’s low-cost, long-term financing plays an important role in narrowing the affordability gap between wind generation and alternative emitting sources.

Project revenues from a power purchase agreement with Nova Scotia Power Inc. will be used to repay the CIB loan.

The wind project is expected to begin commercial operations in late 2026, marking an important step forward in the province’s transition towards a more sustainable future.

Our latest wind investment in Nova Scotia will further support the province’s decarbonization efforts. The wind farm, majority owned by the Glooscap First Nation, will generate clean, renewable power and leverage the province’s support for similar projects. The CIB has already backed three wind farms and one energy storage project in the province, contributing to the region’s efforts to phase out coal generation while creating new economic opportunities.

– Ehren Cory, Chief Executive Officer, Canada Infrastructure Bank

The CIB’s loan will generate clean affordable energy, while creating jobs that support Nova Scotia’s goal to decarbonize the electric grid.

– Hon. Sean Fraser, Government of Canada

Developers and industry are seeing the opportunity for large-scale wind projects in Nova Scotia. With the Weavers Mountain project, the Mi’kmaq of Nova Scotia and industry are partnering to bring green jobs, help stabilize electricity rates and add more clean electricity to our grid. Advancing wind projects like this one is how we use our natural resource to our best advantage.

– Hon. Trevor Boudreau, Government of Nova Scotia

As stewards of the land, water and natural resources, we are committed to protecting what sustains us while creating lasting economic opportunities for our people. By owning 51 per cent of the WEB Weavers Mountain Wind project, we are ensuring our community benefits directly while supplying clean energy to Nova Scotia. This initiative will deliver reliable, affordable electricity to ratepayers, generate long-term economic benefits for our Nation and serve as an example of how Indigenous communities can lead meaningful change and build a sustainable future for all.

– Chief Sidney Peters, Glooscap First Nation

SWEB Development, in partnership with Glooscap First Nation, is proud to support Canada and Nova Scotia’s emission reduction goals through the Weavers Mountain Wind Energy Project. This initiative demonstrates how collaboration can drive clean, affordable electricity solutions. We appreciate the support of the CIB, Natural Resources Canada, and the Desjardins Group in turning this vision into a reality. Projects like Weavers Mountain are key to lowering energy costs, boosting the local economy, and creating jobs for Nova Scotians.

– Rory Cantwell, Chief Executive Officer, SWEB Development

This project marks another step forward in Canada’s clean energy transition. When we look for financing opportunities, we want to encourage sustainable development and empower communities across the country. Weavers Mountain Wind will reduce greenhouse gas emissions, develop important community partnerships and create jobs for Nova Scotia’s economy. Together, we are building a greener, more resilient future for Nova Scotia and beyond.

– Guy Cormier, President and Chief Executive Officer, Desjardins Group

About Desjardins Group

Desjardins Group is the largest cooperative financial group in North America and the sixth largest in the world, with assets of $470.9 billion as at December 31, 2024. In 2025, Desjardins Group is celebrating its 125th anniversary, marking more than a century of focusing its ambitions and expertise on being there for members and clients.

Quick Facts

• The CIB loans $117.4 million towards the Weavers Mountain Wind Energy project in Nova Scotia.
• The Desjardins Group will provide $105.6 million in credit facilities.
• Sixteen turbines will generate 94.4 megawatts of clean, renewable power.
• The project will create approximately 150 jobs during the construction phase.

Associated links

SWEB Development

Glooscap First Nation

Media Team

media@cib-bic.ca

416-347-3358

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